Trading Japan from the heights of Everest

Everest Capital, a $1.2 billion hedge fund, headquartered in Miami, launched its Japan Opportunities Fund in January 2003. The fund currently stands at $60 million and has a capacity of $300 million. The fund was up over 25% in 2003 and has enjoyed a return of over 12% to date in 2004.

Everest launched its Japan longshort fund in 2002. What was the rationale for setting up your Japan Opportunities Fund a year later